Ignore the nomenclature / language in the disposition area.
Here are my comments:
- As a shareholder in an S corp you should have been maintaining a basis schedule of your investment in the S corporation.
- Additionally, the "loans" you made to cover expenses will most likely be deemed capital contributions by the IRS, so treat them as such.
- You need to update your basis schedule for the current year K-1 activity; excluding any distributions reflected on the K-1. Technically there probably shouldn't be any as liquidating distributions should not be reported on the K-1, but on a 1099-DIV.
- Any cash distribution to you from the S corporation is deemed a liquidating distribution
- When TT asks for your cost basis, that is your basis in the S corporation
- Sales proceeds will be your liquidating distribution
- TT will handle the rest
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
